Synopsis
Mahindra Last Mile Mobility (MLMML) and Vidyut have announced a new collaboration to introduce Battery-as-a-Service (BaaS) financing for EVs. This innovative solution is aimed at reducing the upfront cost of electric vehicles, including Mahindra’s ZEO (4W), Zor Grand, and Treo Plus (3Ws). With a minimal battery rental fee starting at ₹2.50 per kilometre, this program offers flexible options for customers to either continue the rental or purchase the battery outright, making EV ownership more affordable and accessible.
Mahindra Last Mile Mobility Ltd (MLMML) has partnered with Bengaluru-based electric vehicle (EV) startup Vidyut to launch a Battery-as-a-Service (BaaS) financing program aimed at reducing the cost of electric vehicle ownership. The collaboration, announced on Wednesday, is designed to make Mahindra’s EVs, including the ZEO (4W), Zor Grand, and Treo Plus (3Ws), more affordable for customers by offering a flexible, battery rental option.
Under the new BaaS model, customers can rent the battery of their chosen EV for a minimal fee starting at ₹2.50 per kilometre. This approach allows EV owners to avoid the high initial purchase cost of batteries, thus reducing the upfront vehicle acquisition cost by up to 40% when compared to traditional internal combustion engine (ICE) vehicles. The BaaS programme aims to significantly improve the affordability of electric vehicles, which has often been a barrier for many prospective buyers.
Flexible Options for Battery Rental and Ownership
In addition to the minimal rental fee, Vidyut will offer customers the choice to either continue with the battery rental programme or buy out the battery after the financing term ends. For those who choose to continue with the rental, the option to discontinue the programme is also available. By paying off the remaining value of the battery, customers can exit the programme at any tim
